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A city that rarely saw a 1-bedroom hall kitchen (BHK) apartment or a studio apartment could soon have a plethora of them. Many developers in the city are looking at building such units — 1-BHK ranging between 500 sqft and 800 sqft with a price tag of around Rs 10 lakh to Rs 15 lakh. This could particularly benefit young professionals, newly-wed couples, and senior citizens.
Most of the handful of 1-BHK apartments around are actually 2-BHK apartments converted into 1-BHK ones, sporting a large drawing room. Pricewise, these units command the same rates as a 2-BHK.
Electronic City, Whitefield, Marathahalli and Bannerghatta Road are the current hotspots for 1-BHK and studio apartments. “The trend of buyers wanting 1-BHK units and developers acceding to their wishes hinges on affordability,” says Ravi Ramu, director, Puravankara Group. Ramu adds that in the heyday of real estate, even 2-BHK units were not in great demand, as majority of consumers here preferred 3-BHK ones. With salaries in the IT sector zooming, so did aspirations and spending power of buyers and the demand for 1-BHK units vanished.
Brigade Group, which just announced the launch of its value homes, says that 30% to 40% of the 10,000 units it’s expected to build would comprise 1-BHK units. “As investors in the realty market become younger, it spurs the demand for smaller units which fit their wallets,” says M R Jaishankar, CMD, Brigade Group.
COMPACT & AFFORDABLE Area: 500 sqft to 800 sqft
Price: Rs 10 lakh to Rs 15 lakh
Hotspots: Electronic City, Whitefield, Marathahalli, Bannerghatta
Road Investment options: Lease out as serviced apartment or rent out as studio apartment 1-BHK units will also help rental market
Bangalore: Small is beautiful again in the realty sector as many developers in the city are looking at building studio apartments ranging between 500 sqft and 800 sqft. The 1-BHK units and studio apartments will also benefit the rental market.
Rather than people paying through their nose for 2- and 3-BHK homes, they could settle for cheaper rentals that smaller units offer.
Akruti Developers has launched a 150-unit fully-furnished studio apartment project in Whitefield. The units range between 650 sqft and 800 sqft in size and come fully loaded with AC, TV, and furniture including a coffee maker. According to Nikhil Jadhav, MD, Akruti Developers, “We are offering this product as an investment option to buyers whereby they can either lease them out as serviced apartments or give them on rent as studio apartments.” For a serviced apartment model, the per night tariff would be between Rs 2,500 to Rs 3,000, while on a monthly basis the rental could start from Rs 10,000.